We like comparing Apples and Oranges, or at least Apple and Microsoft at TG Daily, and with all the rumors about the iPad, it seems that Microsoft has been trying to generate some of its own buzziness with Zune phone rumors.

News sites and analysts alike have been propagating the a phone rumors with the look and feel of a Zune HD, running on Windows Mobile 7 to be launched at Mobile World Congress conference in Barcelona in a few weeks time, but sources of TG Daily in the know say there is no Zune phone, or at least, not in the sense people are expecting.

Some of these rumors have been based on the fact that an updating for the pretty Zune desktop software includes a rather telling hint in the Zune.inf file. Apparently the Microsoft.NTx86 and Microsoft.NTamd64 sections have a listing for “Phone.Device,” which according to the global twitterati and bogosphere is definitive and damning proof.

However, a source in the know on the subject told TG Daily “there won’t be a phone the thingy version.”

“Microsoft has other plans,” he added.

Asked what the plans were, our source said rumors and leaked pictures of Microsoft’s Project Pink, says “these are accurate, and this is the so called because it is running the Zune software.”

Our source tells us the “release date is hyper secret, but not always there,” and just because the phone is not integrated into a new Zune player, “ I guess that no Zune means no Tegra, oh no… MS loves Tegra.” Looks like another win for Nvidia then. Or is that an Nvidia for Winmob?

He also said the Pink will probably come with a 5 MP camera, and will support 720p. Oh, and of course, including the Zune means that services will be able to connect to the Zune App Store too.

Coming Zune to a phone retailer near you.